Sandy asksā¦
I need help with some economics questions?
1.Gross Domestic Product (GDP) is the total market value of all
a.final goods and services produced annually within a country’s borders.
b.final and intermediate goods and services produced annually within a country’s borders.
c.intermediate goods and services produced annually within a country’s borders.
d.final goods and services produced every month within a country’s borders.
____2.The best reason economists take only final goods and services into account when calculating GDP is that
a.this is the way things have always been done.
b.they want to avoid the problem of final counting.
c.they want to avoid the problem of double counting.
d.this is the only way things can be done.
____3.Gross Domestic Product is computed by using
a.base-year prices.
b.wholesale prices.
c.previous-year prices.
d.current-year prices.
____4.Which of the following is a nonmarket good?
a.the corn you grow in your home garden and consume
b.the clothes you sew and sell to a neighbor who pays by check
c.the self-portrait hanging in your den
d.a and c
e.a, b, and c
____5.Net exports equals
a.exports divided by imports.
b.the sum of exports and imports.
c.exports minus imports.
d.exports during the year.
e.none of the above
____6.Macroeconomists define “consumption” as
a.purchases by the business sector.
b.wearing away and breakdown of capital goods.
c.the difference between imports and exports.
d.purchases by the household sector.
____7.The expenditure approach to measuring GDP sums
a.consumption, investment, government purchases, and net exports.
b.sales, revenues, income, and wages.
c.profits, compensation of employees, consumption, and investment.
d.net exports, consumption, wages, and salaries.
____8.Government purchases consist of the total dollar amount(s) spent by the
a.federal government only.
b.state governments only.
c.local governments only.
d.state and local governments.
e.federal, state, and local governments.
____9.Leisure is
a.a good that is not counted in GDP.
b.a good that is counted in GDP.
c.neither a good nor a bad, and it is not counted in GDP.
d.a bad as far as economists are concerned, because it is not tangible.
____10.The largest component of national income is
a.rental income.
b.proprietors’ income.
c.compensation of employees.
d.corporate profits.
e.net interest.
____11.In the United States, which is the largest dollar figure?
a.national income
b.gross domestic product
c.net national product
d.personal income
____12.An aggregate demand (AD) curve shows the
a.amount of a particular good people are willing and able to buy at a particular price, ceteris paribus.
b.real output (Real GDP) people are willing and able to sell at different price levels, ceteris paribus.
c.real output (Real (GDP) people are willing and able to buy and to sell at different price levels, ceteris paribus.
d.real output (Real GDP) people are willing and able to buy at different price levels, ceteris paribus.
____13.Aggregate demand curves are
a.downward sloping.
b.upward sloping.
c.horizontal.
d.vertical.
____14.When the economy is at its full employment Real GDP, the unemployment rate is equal to
a.zero.
b.the natural unemployment rate.
c.the frictional unemployment rate.
d.the structural unemployment rate.
____15.An economy is producing its Natural Real GDP when the rate of unemployment is equal to the ____ unemployment rate.
a.frictional
b.structural
c.sum of the frictional unemployment rate and the structural
d.seasonal
e.cyclical
____16.Natural Real GDP is ____ full-employment Real GDP.
a.less than
b.equal to
c.greater than
d.independent of
____17.If Real GDP is less than Natural Real GDP, the economy is in
a.an inflationary gap.
b.a recessionary gap.
c.an unemployment gap.
d.a real gap.
____18.If the economy is currently in a recessionary gap,
a.all economists will argue that the economy can remove the gap itself.
b.some economists will argue that the economy can remove the gap itself.
c.no economist will argue that the economy can remove the gap itself.
d.all economists will argue that over time the recessionary gap will worsen.
____19.Suppose the economy’s short-run equilibrium point is to the left of the Natural Real GDP. Which of the following is true?
a.The economy is in an inflationary gap.
b.The economy is in a recessionary gap.
c.The economy is in long-run equilibrium.
d.This situation is actually impossible.
____20.The LRAS curve is always
a.vertical.
b.horizontal.
c.kinked.
d.upward sloping.
____21.According to Keynes, what households plan to save
a.always equals what firms plan to invest.
b.sometimes equals what firms plan to invest.
c.is always greater than what firms plan to invest.
d.is always less than
Nagesh answers:
Im a bit rusty but just finished a level in it so il have a go for a laff š
1b GDP is C+I+G+(x-m) therefore takes intermediate costs of production, ie material costs as well at final cost
2c guess
3d GDP is measured at current prices, REAL GDP uses nomial prices
4d Non-market goods are not sold or produced as such, the knitted shirt costs you to produce and is sold for money so is a market good, the other two are not sold
5c Exports minus imports gives net exports, or a trading surplus
6d relates to C+I+G+(x-m) consumption is by households in the circular flow, remember we increase consumption by lowering intrest rates (monetry basic) this makes the HOUSEHOLD RICHER (cheaper mortgage and loans > increased wealth > confidence rises > consumption rises)
7a I guess as ive mentioned before GDP = C+I+G+(x-m) or aggregate demand
8 not a clue but guess d??
9b it is tangeable in the sense of work sacrificed as a cost…guess rly
10d
11b
12d, ad diagram plots real output and inflation i think
13a, higher price lower demand
14a, zero because this can not really be achieved it is just a theory so it takes it to the extreme which is zero
15e…cyclical is the only one that makes sense to me
16a
17c, negative output gap springs to mind from LRAS diagrams, and operating inside PPF, unemployment gap causes this
18b, not too sure on this but automatic fiscal policy can stabalise the reccesionary gap but this is not enough to cure it completely
20d, hmm i think kaynsians use a vertical one…ive always been presented with a curved one though
21a
hope this helps you but ive probably messed it up havent done economics in ages, waiting to go to uni š
cheers
Donald asksā¦
10 pts!! Is my personal statement good? (interesting I promise)?
I can’t add the whole thing here based to limit but here is my first two paragraphs. Please help me concise it, edit, grammar. revise. etc . Thank you SOOO much 10 pts!!
Observing my parentās businesses throughout my life has sparked my interest in wanting to become a humanly resourceful person, who can improve the workplace both physically and psychologically. Being a keen observer of their daily stresses and discovering solutions for their businesses has made me learn a great deal about how people in the workplace function. One dimension of success lies within the workerās quality of thinking. At a young age, my work ethic has shifted from an employeeās to a managerās perspective. I have learned that a company will survive if employees have the mindset of prioritizing the organizationās goal while managers listen and offer feedback. There were employees in my parentās first business who didnāt have integrity which caused my parentās business to fail. Watching them suffer for a moment, made me think of how I could improve their situation. With some introspection, I quickly learned why I was internally motivated to succeed. I believe motivation comes from pain and pleasure. I was heartbroken from seeing my parents failed at their first business and has made me what to help them with all my will. My pleasure came from seeing them not giving up and having the will to become successful with the current business they have now. I believe people are motivated by different experiences and knew that each employee needed to find a reason to be motivated. Knowing this at an early age has made me become encouraged me to succeed in all aspects of my work, home duties, and even school. Now, I know to search for that intrinsic motivation in others, hoping to find that quality manifested in their personalities. My passion for the field of Industrial Organizational Psychology stems from my experience of seeing the grief that my parentās endured when their business collasped, but they still managed to succeed in opening a new one. I have been inspired by them and want to help improve companies by finding the best fit of personnel because I strongly believe strategies of recruitment and retaining individuals, build a solid foundation for a company.
To prepare for my future of becoming a Human Resource Manager, I am currently double majoring in Communication and Psychology as a basis for understanding the underlying meaning of what inspires people. To further my passion in human resources, I began volunteering at the Student Recruitment and Retention Center, which strives to recruit and retain students of colors into higher education. Each week, I find tutors from each department and activities for students to connect to make them feel part of a group. The best way I have found to retain students is to make them feel involved in a group activity, then they will know they have a duty and find an interest in staying in school and doing well. In the end, everyone is close and they are satisfied as their job as a student. I have also chosen an internship with the Graduate Academic Achievement Advocacy Program because I believe I would benefit from it most and drop-out rates are high. Together, my team administers surveys to find studentās needs and quickly develop strategies to that offer support concerning the application process of Graduate School. Many undergraduates, including myself sought a mentor for assistance for the process of applying to graduate school. This project was successful because our essential motive was to build a community of similar interest and network graduate students and undergrads because eventually, students in the same field will become colleagues. Also, another request was to have research classes, where students were to be able to conduct their own research. At U.C. Davis, I have worked with Professor Grimm as his research assistant and am familiar with using SAS and R. I am contributing my ideas of what I have learned in my empirical research class and my assistance with Professor Grimm to the research class. Ideas start at a micro-level, and turn into mini projects in a community that eventually aim to reach the holistic goal of improving education. I am already undertaking what I want to be on a micro-level in my community. My enthusiasm for helping others overcome barriers is what defines my personality and work ethics. When it comes to employment, I will find adequate people for a job and finding the right person and finding ways to retaining them to build them into more strong individuals. I hope to learn every feature of Industrial Organization to fulfill the organizational goals within a company.
My last paragraph talks about how if this motivation is universal? because I am interested in cross cultural studies. if it is universal.. lets test it and appy what we learn in workplace to improve it.. etc
Nagesh answers:
I personally like your essay. Though, the last sentence really felt wrong for me to read; It seemed too, well–lack the eloquence that the rest of the essay incorporate. “I hope to learn every feature of…”, what does that mean? “Hoping to learn something”, is not what the committee wants to hear of prospective students…
The part about your child hood really struck-out at me in a positive manner. So congratulations to that.
You must of spent quite a bit of your time on this. Have you consulted any other sources for evaluation? I would highly recommend doing so if you hadn’t.
~Philip
P.S. Was bribing with 10 points really necessary…?
Susan asksā¦
Is my personal statement good? 10 pts!! interesting!?
I can’t add the whole thing here based to limit but here is my first two paragraphs. Please help me concise it, edit, grammar. revise. etc . Thank you SOOO much 10 pts!!
Observing my parentās businesses throughout my life has sparked my interest in wanting to become a humanly resourceful person, who can improve the workplace both physically and psychologically. Being a keen observer of their daily stresses and discovering solutions for their businesses has made me learn a great deal about how people in the workplace function. One dimension of success lies within the workerās quality of thinking. At a young age, my work ethic has shifted from an employeeās to a managerās perspective. I have learned that a company will survive if employees have the mindset of prioritizing the organizationās goal while managers listen and offer feedback. There were employees in my parentās first business who didnāt have integrity which caused my parentās business to fail. Watching them suffer for a moment, made me think of how I could improve their situation. With some introspection, I quickly learned why I was internally motivated to succeed. I believe motivation comes from pain and pleasure. I was heartbroken from seeing my parents failed at their first business and has made me what to help them with all my will. My pleasure came from seeing them not giving up and having the will to become successful with the current business they have now. I believe people are motivated by different experiences and knew that each employee needed to find a reason to be motivated. Knowing this at an early age has made me become encouraged me to succeed in all aspects of my work, home duties, and even school. Now, I know to search for that intrinsic motivation in others, hoping to find that quality manifested in their personalities. My passion for the field of Industrial Organizational Psychology stems from my experience of seeing the grief that my parentās endured when their business collasped, but they still managed to succeed in opening a new one. I have been inspired by them and want to help improve companies by finding the best fit of personnel because I strongly believe strategies of recruitment and retaining individuals, build a solid foundation for a company.
To prepare for my future of becoming a Human Resource Manager, I am currently double majoring in Communication and Psychology as a basis for understanding the underlying meaning of what inspires people. To further my passion in human resources, I began volunteering at the Student Recruitment and Retention Center, which strives to recruit and retain students of colors into higher education. Each week, I find tutors from each department and activities for students to connect to make them feel part of a group. The best way I have found to retain students is to make them feel involved in a group activity, then they will know they have a duty and find an interest in staying in school and doing well. In the end, everyone is close and they are satisfied as their job as a student. I have also chosen an internship with the Graduate Academic Achievement Advocacy Program because I believe I would benefit from it most and drop-out rates are high. Together, my team administers surveys to find studentās needs and quickly develop strategies to that offer support concerning the application process of Graduate School. Many undergraduates, including myself sought a mentor for assistance for the process of applying to graduate school. This project was successful because our essential motive was to build a community of similar interest and network graduate students and undergrads because eventually, students in the same field will become colleagues. Also, another request was to have research classes, where students were to be able to conduct their own research. At U.C. Davis, I have worked with Professor Grimm as his research assistant and am familiar with using SAS and R. I am contributing my ideas of what I have learned in my empirical research class and my assistance with Professor Grimm to the research class. Ideas start at a micro-level, and turn into mini projects in a community that eventually aim to reach the holistic goal of improving education. I am already undertaking what I want to be on a micro-level in my community. My enthusiasm for helping others overcome barriers is what defines my personality and work ethics. When it comes to employment, I will find adequate people for a job and finding the right person and finding ways to retaining them to build them into more strong individuals. I hope to learn every feature of Industrial Organization to fulfill the organizational goals within a company.
My last paragraph talks about how if this motivation is universal? because I am interested in cross cultural studies. if it is universal.. lets test it and appy what we learn in workplace to improve it.. etc
Nagesh answers:
Yes!!!
Charles asksā¦
Could this WORK? A fair and free Americaā¦?
Note: This was posted earlier in the wrong category. My apologies to those few who were still good enough to respond.
Can you visualize a United States that functioned like this? If not, why not?
– Universal flat sales tax of 10% on all retail and wholesale transactions. No income tax (unconstitutional) and no IRS. No corrupt tax bureaucracy regulating our businesses. The government isnāt supposed to run the economy, and corporations sure as hell arenāt supposed to run the government.
– Term limits on every federal legislative office. No more old boys living like princes for 40 years at their constituentsā expense and making every decision based on winning reelection instead of serving the public interest.
– A strong military that defends the United States and its borders from bases on US soil. No more overseas expeditions for nation-building, peace-keeping, and resource-grabbing at the expense of our best citizensā lives. If there is a real coalition of nations building for a just cause and a specific end (see World War II), we may participate. No more quagmires.
– A simple and coherent trade policy of tit-for-tat. You donāt tariff our imports, we donāt tariff yours. You buy our goods, weāll buy yours. No multi-billion dollar trade imbalances with anyone allowed. We donāt need to buy your junk; we invented the machines that manufacture it and if you donāt want to sell it to us in under a fair policy we can make it here.
– Yes, universal health care for every US citizen. It would make our country stronger by putting an end to the impoverishment and bankruptcy of millions who become sick, as well as returning good people who canāt contribute because they donāt have access to health care back into our workforce. It could be paid for easily under the tax policy above and the money saved by dismantling the huge IRS bureaucracy and bringing our military home, with a surplus to boot. Stop buying into the insurance lobbyists’ BS and think about what would be best for the country. This would eliminate extraordinary loss and expense to our society.
– No more government subsidies on commodities of any kind. None. If people arenāt buying it, they donāt need it, and the government has no business using taxes to pay for it anyway. Grow something else.
– Absolutely no laws will be passed that are not 100% in keeping with the letter of the Constitution. This is not a document subject to āinterpretationā at the whim of those in power. Elected officials who introduce unconstitutional legislation and pursue it after it is brought to their attention are guilty of treason, and if they donāt drop it must be held duly accountable.
So why couldnāt this America work? Just thought Iād ask.
I appreciate all the answers. I do wish responders would consider how much revenue such a tax would generate, and how cutting the cost in bureaucracy and overseas military deployments would change the budget, before declaring the plan wouldn’t work.
To those of you who wanted to know, the policies expressed here (except for universal health care) closely mirror those of Rep. Representative and former presidential candidate Ron Paul (TX).
Nagesh answers:
Sounds like an America I would like to live in
Linda asksā¦
history questions!!!!!!!!!!!?
Which of the following best describes the impact television had on the world in the 1940s and 1950s?
(Points: 3)
It contributed greatly to the rapid industrialization and modernization of many countries.
Television reinforced the world’s vision of America as a land of plenty.
Television had very little effect on world culture in the 1940s and 1950s.
The United States and the Soviet Union used television as a weapon during the Cold War.
What event resulted in a space race that increased tensions between the two superpowers during the Cold War?
(Points: 3)
the creation of the Warsaw Pact
the construction of the Berlin Wall
the launch of Sputnik
the invention of television
Life changed fairly dramatically in the 1950s and 1960s as a result of technologies such as television and satellites. Which of the following describes one result of the change?
(Points: 3)
American children began to make significant improvements in school.
Chinese factory workers were able to produce automobiles in greater quantities.
Mexican farmers increased the quality and quantity of their crop yields.
French teenagers wore clothing that was popular in the United States.
In the post-World War II era, an international pop culture developed. What effect did it have on the world?
(Points: 3)
It increased isolationism in Europe.
It made the world seem like a smaller place to many people.
It magnified the differences between cultures.
It caused conflict between the two superpowers.
In what ways do South Asia’s monsoons affect its population?
(Points: 3)
People must migrate from region to region, based on monsoon conditions.
Most businesses and factories close, affecting local economies.
People may lose their homes or lives due to devastating floods.
The monsoons do not really affect South Asia’s population.
In Africa, how did most of the European colonies achieve their independence?
(Points: 3)
through the use of civil disobedience
through armed struggle and resistance
peacefully, with little violence
by going to war with their own rulers
Why did most European imperial powers show little resistance to letting their African colonies become independent?
(Points: 3)
They did not want Africa to become a battleground for the Cold War.
They were concerned that the United States would demand such action.
Many Western nations realized it was time to respect the ideals of self-determination.
The United Nations required them to grant independence to their colonies.
What was the situation in most newly independent African nations in the 1960s and 1970s?
(Points: 3)
They were experiencing a surge in economic growth.
They were fighting with their African neighbors.
They were experiencing violence, civil war, and unrest.
They were making a peaceful transition to democracy.
Which of the following best explains why some newly independent African countries, such as Kenya, were able to avoid civil war immediately after gaining independence?
(Points: 3)
African neighbors intervened to prevent civil war.
They immediately allied themselves with either the United States or the Soviet Union.
Colonial rulers made an effort to prepare the colony for independence.
Imperial soldiers remained for many years to maintain peace and order.
What did the United Nations do after World War II that resulted in much conflict in the Middle East?
(Points: 3)
allowed Jewish settlers to emigrate and settle in Palestine
granted Syria and Iraq full independence
created a Jewish state within the borders of Lebanon
proposed to divide Palestine into Jewish and Arab states
Which of the following best explains how Islamism is causing conflict in the Middle East today?
(Points: 3)
Some Muslims believe Arab governments should be based on Islam; others believe in secular governments.
Most Muslims believe that Jews and Christians should not be allowed to live in the region.
Some Arabs do not believe Israel should be allowed to exist in the region; others believe it has that right.
Jews living in Israel believe that there is no place in their society for people of other faiths.
What was one result of the 1948 Arab-Israeli War?
(Points: 3)
Thousands of Palestinians fled their homeland and remain refugees.
The Arab nations that defeated Israel continue to control that nation.
The United Nations settled the dispute to the satisfaction of both sides.
The Palestinians created their own, independent state.
Which of the following resulted from increased oil production in
Nagesh answers:
Television reinforced the world’s vision of America as a land of plenty.
The launch of Sputnik
French teenagers wore clothing that was popular in the United States.
It made the world seem like a smaller place to many people.
Most businesses and factories close, affecting local economies.
Through armed struggle and resistance
The United Nations required them to grant independence to their colonies.
They were experiencing violence, civil war, and unrest.
Created a Jewish state within the borders of Lebanon
Some Arabs do not believe Israel should be allowed to exist in the region; others believe it has that right
Jews living in Israel believe that there is no place in their society for people of other faiths.(This has been proven true recently with the expulsion of christians born in Israel!)
Thousands of Palestinians fled their homeland and remain refugees.
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